Relatório mensal: Brasil- Outubro, 2017

Investimentos de Venture Capital crescem 470% em outubro no Brasil

  • Investimentos de Venture Capital somam R$ 139 milhões no mês
  • País soma 64 transações em outubro, retração de 27,27% em relação ao mesmo mês de 2016
  • Mercado brasileiro contabiliza 587 transações domésticas em 2017

Venture Capital e Private Equity

O balanço do mês de outubro foi positivo para os investimentos de venture capital no Brasil, que registrou 13 operações dessa modalidade de investimento no mês, um crescimento de 18% sobre o que foi registrado no mesmo período de 2016.

Destas operações, cinco tiveram seus valores revelados, somando um total de R$ 139 milhões investidos, um salto de 470% em relação ao período homólogo do ano passado. No decorrer de 2017, o setor que registrou o maior interesse dos investidores foi o de Distribuição e Retail, que recebeu um aporte 50% superior ao do ano anterior.

Já no cenário de private equity, no ano, foram contabilizadas 69 operações, das quais 31 tiveram valores revelados que somam R$17,2 bilhões, alta de 27% sobre o volume do mesmo período de 2016.  Os segmentos Saúde, Higiene e Estética e Imobiliário lideraram os movimentos dos investidores, registrando crescimento de 50% cada.

Fusões e aquisições no Brasil em outubro

Foram registradas 64 transações em outubro no mercado de M&A brasileiro, número que representa uma retração de 27,27% em relação ao mesmo mês de 2016. Destas, 29 operações revelaram valores que ultrapassam a casa dos R$ 10,1 bilhões, queda acentuada de 46,74% no período. Outubro foi o mês com menor número de transações no ano.

O setor mais movimentado durante os dez primeiros meses de 2017 foi Tecnologia, com o registro de 142 transações, que não foram suficientes para acompanhar os números do ano anterior, ficando 22% abaixo dos resultados obtidos em 2016, apesar de ter sido o setor com mais transações no mês de outubro, 12.  Em seguida, destaque para Petróleo e Gás, com 9 transações no mês. Apenas o segmento Imobiliário obteve crescimento no ano, 61%, devido às 79 operações contabilizadas no período.

Panorama Latino Americano

O mercado brasileiro de M&A registrou o maior número de fusões e aquisições nos dez meses corridos no ano na América Latina. Foram 593 transações domésticas no país – enquanto Chile, segundo colocado, registrou 89, seguido por Argentina, com 83.

O país contabilizou ainda 187 aquisições cross-border inbound, mais que o dobro do México, que fechou o período com 70 operações. Porém, é do México a liderança no volume de aquisições outbound, com 55 transações – incluindo a aquisição da brasileira Vigor pela mexicana Lala Alimentos – enquanto o mercado brasileiro contabilizou 35.

Operações cross-border

Os investimentos das empresas norte-americanas voltaram a ter saldo positivo. Desde o início de 2017, foram 69 operações, um aumento de 6,15% em relação ao período homólogo do último ano, somando investimento superior a R$ 15,8 bilhões de reais nas aquisições de empresas brasileiras. Investimentos provenientes da China aparecem na sequência, totalizando R$ 11,5 bilhões, seguido por Austrália, com a aplicação de R$ 7,2 bilhões no mercado brasileiro.

Empresas que atuam no segmento de Tecnologia e Internet foram as que mais atraíram investimento estrangeiro – 37 transações. No âmbito outbound, o Brasil fez 11 aquisições nos Estados Unidos que somam R$ 511 milhões, e 7 na Argentina, totalizando R$ 341,7 milhões.

Transação TTR do mês

A conclusão da aquisição da Vigor Alimentos, empresa brasileira fabricante de produtos lácteos e alimentos processados, pela Lala Derivados Lácteos, empresa mexicana do mesmo setor detida pelo Grupo Lala, pelo valor aproximado de R$ 5 bilhões de reais, foi eleita como a transação de destaque do mês.

Os recursos obtidos pela JBS com a venda da Vigor seriam destinados para amortização dívidas da companhia.

Entrevista com Thiago Sandim

“…Isso tudo criou um aperto de crédito em alguns grupos, que deixa como única saída a venda de ativos. O que para uns é crise, para outros é oportunidade.”

Leia a entrevista completa aqui!

 

Ranking TTR

O pódio do ranking TTR de assessores financeiros por valores das transações é liderado pelo Banco Bradesco BBI, que acumulou em 2017 o valor de R$ 17,7 bilhões. Em segundo lugar aparece o Banco BTG Pactual, com R$ 16,4 bilhões, e, na sequência, o Banco Itau BBA– que lidera por número de operações (22) – com R$ 15,7 bilhões.

O ranking de assessores jurídicos por valor é liderado por Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados, R$ 36,7 bilhões, que também lidera por número de operações (50). Na segunda colocação está o escritório Pinheiro Neto Advogados, R$ 24,1 bilhões, e Barbosa, Müssnich, Aragão, na terceira posição com R$ 16,7 bilhões.

TTR’s Proprietary Intelligence anticipates market acquisition of Comrade’s by CI&T

In July 2016, TTR readers were made aware of CI&T’s interest in acquiring a peer in the US.  Just over a year later, the company consumated that interest with the acquisition of Comrade, a San Francisco-based company specialized in strategy and customer experience design

 

Following up with the news our subscribers were notified about in 2015, regarding CI&T seeking a digital technology firm to acquire, TTR spoke to Stanley Rodrigues. Rodrigues is the CFO at CI&T, which is a privately held digital solutions specialist based in Campinas, Brazil. CI&T specializes in IT systems development and maintenance. Rodrigues revealed to us the intention the company had in the acquisition of a firm in the U.S., which would fill gaps in their portfolio.

In the period of consideration (in 2015) projects in Brazil required extra attention from management, and the progress CI&T had made with two U.S. firms had to be put on a hold. This process of evaluation was re-started at the end of 2016. The firm wanted a company with less than 200 employees with sales under USD 50m, which also shared their values and culture. One year later, CI&T announces the acquisition of Comrade, a US-based design agency that partners with clients in technology, healthcare, financial services, and non-profit.

Read more about this story at: Comrade´s acquisition by CI&T.

IT tops LatAm deal flow in 2016

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LATIN AMERICA


TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: IT sector leads dealmaking in 2016

Transactions in Brazil’s IT sector led dealmaking in 2016 with volume up 17% over the previous year, according to TTR data (www.TTRecord.com).

The number of cross-border deals in the space led by international buyers fell slightly, meanwhile, from 82 in 2015 to 68 in 2016. As in 2015, North American bidders demonstrated the strongest appetite for Brazilian firms from among the pool of foreign investors targeting the space.

MEXICO: IT deal volume up 23%

Dealmaking in Mexico’s IT space was up 23% in 2016 over the previous year, according to TTR data (www.TTRecord.com).

The number of transactions led by foreign buyers fell slightly from 13 in 2015 to 11 in 2016, meanwhile. The largest deal in the space in 2016 was the USD 55m capital injection in e-commerce company Linio.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory by number

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for 2016 with 46 deal mandates for the year on transactions worth a combined USD 32.1bn. Itaú’s 2016 performance represents a 13% dip in deal volume and a 55% spike in aggregate value compared to its 53 mandates on deals worth a combined USD 20.7bn in 2015, when it also led the chart. Banco Bradesco BBI climbed from third in 2015 to take second place in 2016 region-wide, its volume up 67% from 21 to 35 deals, the aggregate value of those transactions up 145% from USD 12.3bn to USD 30bn. Banco BTG Pactual was bumped from second in 2015 to third in 2016, meanwhile, its deal volume down 18% from 40 to 33, its aggregate value down 4% from USD 15.5bn to USD 14.9bn. BAML grew its deal volume 186% to place fourth while the aggregate value of its transactions climbed 1,494% to USD 22bn after not placing among the top 10 regionally for full year 2015. Banco Santander fell one place in the chart to take fifth despite increasing volume 50% from 12 to 18 and upping aggregate value 25% from USD 8bn to USD 10bn between the two twelve-month periods. Lazard, in sixth with 14 deals worth a combined 1.6bn, did not place among the top 10 regionally in 2015, nor did Citigroup, in seventh with 13 mandates on deals together worth USD 8.3bn, nor JPMorgan, in eighth with 12 worth USD 14bn combined. BBVA fell three positions to take ninth, despite adding one deal to its count and the aggregate value of it deals increasing 205% from USD 1.4bn to USD 4.3bn. BNP Paribas, in tenth, also with 12 mandates for the year in the region, was not among the top 10 financial advisors in Latin America in 2015.

Latin America Ranking* – 2016
Legal Advisory by number

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for 2016 with 29 mandates on deals together worth USD 3.2bn, representing a 12% drop in volume and a 50% increase in aggregate value compared to its performance the previous year, when it also led the chart. White & Case follows in second, its deal count up by two to 15, the aggregate value of its transactions up 158% from USD 1.3bn to USD 3.5bn relative to its 2015 performance when it placed third. Clifford Chance also climbed one position in the chart to take third, its 14 deals worth a combined USD 9bn, representing a 56% increase in volume and a 6% increase in aggregate value compared to its nine together worth USD 8.5bn in 2015. Jones Day fell two positions from second to take fourth, its deal volume down by 10 to 14, its aggregate value down 61% from USD 2.8bn to USD 1bn. Linklaters is up three positions in the ranking from eighth to fifth, its deal count nearly doubling from seven to 13, the combined value of its transactions up nearly 4,000% from USD 233m to USD 9.3bn. Cleary Gottlieb Steen & Hamilton also advised on 13 deals in 2016, in its case worth a combined USD 4.9bn, after not placing among the top 10 legal advisors in Latin America in 2015. Skadden, Arps, Slate, Meagher & Flom, ranked seventh, advised on nine deals in 2016, the same volume as in 2015, while the aggregate value of its transactions increased 372% from USD 1.2bn to USD 5.6bn. Shearman & Sterling fell three positions to take eighth, its deal volume remaining constant, its aggregate value up 109% from USD 1.2bn to USD 2.6bn. Simpson Thacher & Bartlett is up one place in the chart in ninth after adding three deals to its count in 2015 while its aggregate deal value fell 2% from USD 6.4bn to USD 6.2bn. Hogan Lovells, in tenth with seven deals worth a combined 6.6bn, was not among the top 10 in 2015.

Brazil Ranking* – 2016
Financial Advisory

Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for 2016 with 37 mandates on deals worth a combined USD 24.6bn. Brazil’s top investment bank also led the chart in 2015 when it’d advised on 46 deals worth a combined 20bn, representing a 20% decline in volume and a 23% increase in aggregate value. Banco Bradesco BBI is up one place in the chart to take second, its volume increasing 75% from 20 to 35, its aggregate value up 145% from USD 12.3bn to USD 30bn. Banco BTG Pactual fell one place to take third, its volume down 17% from 29 to 24, its aggregate value down 37% from USD 14bn to USD 8.9bn. BAML ranks fourth with 16 deals worth a combined USD 15.9bn after not placing among the top 10 investment banks in Brazil for full year 2015. Cypress Associates, in fifth with 11 deals together worth USD 22m, was also absent from the top 10 in 2015. Vinci Partners ranks sixth, as it did in 2015, its deal count increasing by one, its aggregate value up 164% from USD 184m to USD 487m. BR Partners fell two positions in the chart to take seventh, its volume on par at nine, its aggregate value up 353% from USD 347m to USD 1.6bn. JPMorgan, in eighth with seven deals for the year worth a combined USD 9bn, was not among the top ten in 2015, nor was BNP Paribas in ninth with six deals together worth USD 712m. Rothschild fell one place in the chart to take tenth, its deal count falling by one, its aggregate value up 3% from USD 8.2bn to USD 8.5bn.

Brazil Ranking* – 2016
Legal Advisory

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking for full year 2016 with 71 transactions worth a combined USD 25.6bn, representing a 20% increase in volume and a 99% jump in aggregate value from the 59 deals together worth USD 12.9bn in 2015 when it ranked second. Pinheiro Neto Advogados fell from its leadership position in 2015 to rank second, its volume down 9% from 67 to 61, its aggregate value down 7% from USD 20.4bn to USD 19bn. Machado, Meyer, Sendacz e Opice Advogados ranks third with 59 deals worth a combined USD 6bn, up 16% by volume, down 73% by aggregate value compared to its performance in 2015, when it also ranked third. Souza, Cescon, Barrieu & Flesch Advogados ranks fourth, as it did for full year 2015, its deal count up from 51 to 58, the combined value of its deals up 18% from USD 6.7bn to USD 7.9bn. TozziniFreire Advogados climbed three positions in the chart to take fifth, its volume up by 10 to 41, its aggregate value up by 867% from USD 875m to USD 8.5bn. Barbosa, Müssnich, Aragão is down one position in the chart in sixth, its deal count down from 45 to 37, its aggregate value down 39% from USD 11.8bn to USD 7.2bn. Veirano Advogados, in seventh, also fell one place in the chart, its volume down 23% from 43 to 33, its aggregate value up 647% from USD 1.5bn to USD 11.2bn. Demarest Advogados too is down one place in the ranking, its volume having declined 24% from 38 to 29 while the aggregate value of its deals rose 178% from USD 1.9bn to USD 5.4bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks ninth with 27 mandates in 2016 worth a combined 1.5bn, after not placing among the top 10 for full year 2015. Lefosse Advogados, in tenth with 24 deals together worth USD 8.7bn, was also absent from the top 10 in 2015.

Mexico Ranking* – 2016
Financial Advisory

BBVA leads TTR’s Mexico financial advisory ranking for full year 2016 with nine deals worth a combined USD 4.1bn, up from seven together worth USD 960m in 2015 when it also led the chart. Citigroup ranks second with four transactions worth a combined USD 4.5bn, leading the chart by aggregate value after not ranking among the top 10 for full year 2015. PC Capital ranks third, as it did the previous year, its deal count down by one to three. Deutsche Bank, in fourth with two deals in 2016, is tied by volume with JPMorgan, Morgan Stanley, Lazard, Credit Suisse Group, Alfaro, Dávila y Ríos and AZ Capital. Of the lot, only Lazard and Alfaro, Dávila y Ríos ranked among the top 10 in 2015, also with two transactions each. Lazard ranked sixth for full year 2015, its two deals amounting to USD 1bn combined, compared to USD 1.2bn in 2016, while Alfaro, Dávila y Ríos ranked fifth, its two transactions together worth USD 2.2bn, compared to USD 575m a year later.

Mexico Ranking* – 2016
Legal Advisory

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for full year 2016 with 25 mandates on deals worth a combined USD 3.7bn, representing a 7% decline in volume and a 74% drop in aggregate value compared to its 27 transactions together worth USD 14bn in 2015, when it also topped the chart. Galicia Abogados is up one position in second with 14 deals worth a combined USD 4.5bn, on par by volume and up 57% by aggregate value compared to its performance for full year 2015, when it ranked third. White & Case México climbed one position in the chart to third, despite a slight decline in volume from 11 to nine transactions and a 26% drop in aggregate value from USD 1.3bn to USD 973m. Ritch, Mueller, Heather y Nicolau, in fourth with eight deals worth a combined USD 2bn, was not among the top 10 for full year 2015. Mijares, Angoitia, Cortés y Fuentes ranks fifth, also with eight advisory mandates in 2016, down from 15 in 2015 when it ranked second, while the firm’s aggregate deal value dipped 23% from USD 2.4bn to USD 1.8bn. Jones Day México is down one position in the chart in sixth, its deal count down by two to eight, its aggregate value down 55% from USD 2.2bn to USD 1bn. Santamarina y Steta Abogados, absent from the top 10 ranking for 2015, advised on six transactions in 2016 to place seventh, its deals together worth USD 2bn. González Calvillo Abogados, in eighth, is tied by volume with Von Wobeser y Sierra, the former’s five worth USD 1.8bn combined, the latter’s together worth USD 1.2bn. Neither firm was among the top 10 for 2015. Baker & McKenzie México fell four positions to bring up the rear with four transactions in 2016, half the volume of the previous year, while its aggregate value increased 86% from USD 366m to USD 680m.


* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Financial Services deals up by 50% in Peru

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TTR Deal Tracker
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LATIN AMERICA


TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Construction deals double

Deal volume among Brazilian construction companies grew 112% in the first 11 months of 2016 over the same period last year, according to TTR data (www.TTRecord.com).

Joint ventures and asset sales have also increased in the sector, while the number of foreign-led transactions jumped from five to eight between the two 11-month periods. The BRL 328m (USD 92m) 50% stake acquisition of Cimentos Apodi by Greece-based TITAN Cement Group is the largest inbound transaction in the sector YTD.

PERU: Financial Services deals up by 50%

Financial services transaction volume rose 50% in Peru between January and November 2016 over the same 11-month period in 2015, according to TTR data (www.TTRecord.com).

Eight transactions YTD have been inbound cross-border deals, compared to five in the 11 months ending 30 November 2015. The most recent deal in the sector was ACP’s sale of a 9.99% stake in Paraguay-based Fielco – Financiera El Comercio to New York-based investment fund WWB Capital Partners.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA maintains a healthy lead in TTR’s Latin America financial advisory ranking by volume and value with 46 transactions to the close of November together worth USD 32bn. Brazil’s top investment bank also led the chart a year ago with 42 mandates on deals worth a combined USD 17.8bn by the end of November. Banco BTG Pactual follows in second, as it did a year ago, its deal count down by two to 31, its aggregate deal value up 6% to USD 14.7bn. Banco Bradesco BBI is in third, as it was a year ago, but has increased deal volume by 76% and aggregate deal value by 150% from its 17 transactions worth USD 10.8bn to the close of November 2015. Banco Santander is up three positions in the chart in fourth, its deal volume rising from nine a year ago to 19 YTD, the aggregate value of its deals up 31% from USD 7.7bn to USD 10.1bn. BAML, in fifth, was not among the top 10 financial advisors in the region at the close of November 2015, nor was Citigroup, in sixth, BNP Paribas, in seventh, JPMorgan in eighth, or Morgan Stanley, in ninth. Vinci Partners landed the same number of deals and grew aggregate value 164% to USD 487m, but fell two places in the ranking to bring up the rear.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of November, its 29 deal mandates nearly matching its 30 of a year ago, while the aggregate value of its deals is up 53% to date this year over the same period last. Jones Day follows in second, as it did a year ago, notwithstanding a decline in deal count from 20 to 14 and a 76% fall in the aggregate value of its deals to USD 654m. Clifford Chance is up four positions in the chart at third, its deal count increasing from six to 13, its combined deal value up 8% from USD 8.4bn to USD 9bn. White & Case gained two deals on its 10 of year ago and increased aggregate deal value by 127% but was bumped from third to fourth, nonetheless. Linklaters, in fifth, was not among the top 10 legal advisors in Latin America a year ago, nor was Cleary Gottlieb Steen & Hamilton, in sixth. Skadden, Arps, Slate, Meagher & Flom fell three places from fourth to seventh, despite maintaining the same deal count of nine and increasing the aggregate value of its deals 374% from USD 1.2bn to USD 3.8bn. Hogan Lovells, in eighth with seven mandates YTD, is tied by deal volume with Shearman & Sterling in ninth, and Norton Rose Fulbright, in tenth. Of the three, only Shearman & Sterling appeared among the top 10 a year ago, when it ranked fifth, with seven deals also, then worth USD 1.1bn combined, compared to USD 1.8bn in aggregate value a year later.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)

Banco Itaú BBA dominates by deal volume in TTR’s Brazil financial advisory ranking at the close of November with 37 transactions worth a combined 24.6bn. Brazil’s leading investment bank had the same number of deals under its belt by this time last year, together worth USD 17.3bn then. Banco Bradesco BBI follows in second with 30 transactions, nearly double its 16 of a year ago when it ranked third by the end of November. Its deals are worth USD 27bn combined, representing a 150% increase from USD 10.8bn, putting Bradesco in the lead by aggregate value. Banco BTG Pactual was bumped from second to third, its deal count down by a single transaction, the combined value of those deals down 28% from USD 12.4bn to USD 8.9bn. BAML, in fourth, was not among the top 10 financial advisors in Brazil for the same 11-month period of 2015. Vinci Partners occupies the same fifth-place position it held at the close of November 2015, its deal count also on par at nine; its aggregate value is up 164% from USD 184m to USD 487m. Cypress Associates, in sixth with eight deals YTD, and Banco Santander, in seventh with six, were both absent from the chart a year ago. BR Partners, in eighth, has also advised on six deals YTD, in its case together worth USD 1.5bn compared to eight worth USD 347m at end-November last year when it ranked seventh. Rothschild occupies the same ninth place it held a year ago, its deal count down from six to five, the combined value of its deals up 3% from USD 8.2bn to nearly USD 8.5bn. JPMorgan holds the rear, also with five mandates in Brazil YTD, in its case worth a combined USD 6.5bn. The New York bank was not among the top 10 financial advisors in Brazil in the 11 months that ended 30 November 2015.


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has a healthy lead in TTR’s Brazil legal advisory ranking at the close of November, by volume and value, with 63 deal mandates on transactions worth a combined USD 25.2bn in the first 11 months of the year. The top M&A firm in Brazil climbed from second place in the corresponding period last year, when it’d advised on 48 deals together worth USD 10.9bn. Machado, Meyer, Sendacz e Opice Advogados climbed two positions from fourth, its deal count up from 41 to 50, its aggregate value down 73% from USD 13.3bn to USD 3.6bn. Pinheiro Neto Advogados led the chart at the close of November 2015 when it’d advised on 57 deals in the first 11 months of the year; the firm ranks third for the corresponding period this year, its deal volume down 14% to 49, the aggregate value of its deals up 68%, meanwhile, from USD 10.9bn to USD 18.3bn. Souza, Cescon, Barrieu & Flesch Advogados was bumped one position to fourth, despite adding five deals to its count of 44 a year ago to tie by volume with Pinheiro Neto. The firm is behind in the chart for its lesser aggregate deal value of USD 4.6bn. TozziniFreire Advogados ranks fifth with 41 deals worth a combined USD 8.6bn, up from ninth a year ago when it’d advised on 25 together worth USD 798m. Barbosa, Müssnich, Aragão fell one position to sixth, its volume down from 37 to 28, its aggregate value down 29% from USD 9.5bn to USD 6.7bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados, in seventh, was not among the top 10 legal advisors in Brazil by the close of November 2015. Veirano Advogados fell two positions from sixth a year ago to eighth, its deal count down from 36 to 26, the combined value of its deals growing 731% from USD 1.3bn to just shy of USD 11bn. Demarest Advogados fell from seventh to ninth in the ranking, its deal flow down 19% from 31 to 25, the combined value of its deals up 1,391% from USD 316m to USD 4.7bn. Lefosse Advogados, in tenth with 23 mandates YTD, was not among Brazil’s top 10 M&A firms at the close of November last year.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA continues to lead TTR’s Mexico financial advisory ranking with six mandates YTD together worth USD 3.3bn combined, versus four worth USD 869m a year ago when it also led the chart. Citigroup is up from last place at the close of November 2015 to second for the first 11 months this year, its deal count increasing fourfold from one. PC Capital, in third, is up one position while maintaining the same number of deals as in the 11 months ending a year ago. Deutsche Bank, in fourth with two deals, was not among the top 10 advisors in Mexico at the close of November 2015; the bank is now tied by volume with JPMorgan, in fifth, Morgan Stanley, in sixth, Lazard, in seventh and Credit Suisse Group, in eighth; the lot were also absent from the top 10 a year ago. Alfaro, Dávila y Ríos fell four positions to ninth and RIóN M&A is down eight positions in tenth. Both have also advised on two transactions YTD, the same tally of each in the first 11 months of 2015.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first 11 months of 2016, as it did for the corresponding period last year, despite losing two deals on its count and a 74% decline in aggregate transaction value from USD 13bn to USD 3.4bn. Galicia Abogados, in second, is up by one deal and up one place in the chart, the value of its 13 deals up 61% to USD 4.5bn on the USD 2.8bn its 12 represented at the close of November last year. Mijares, Angoitia, Cortés y Fuentes fell one place to third, its deal count down from 15 to eight, its aggregate value contracting 23% from 2.4bn to USD 1.8bn. Jones Day ranks fourth, as it did a year ago, its deal count also on par at eight, while its combined deal value is down 73% from USD 2.2bn to USD 584m. White & Case, in fifth, also holds to the same ranking of a year ago, its deal count down by one to seven, its aggregate value down 21% from USD 1.2bn to USD 973m. Ritch, Mueller, Heather y Nicolau, in sixth with six mandates YTD on deals together worth USD 1.8bn, was not among the top 10 a year ago, nor was Santamarina y Steta Abogados, in seventh with five worth USD 1.9bn combined. Von Wobeser y Sierra had the same five deals under its belt at the close of November 2015, jumping from tenth to eighth, nonetheless. The value of Von Wobeser’s deals is up 229% from USD 358m to nearly USD 1.2bn. González Calvillo Abogados ranks nine with four deals YTD; it did not place among the leading 10 at the close of November a year ago. Baker & McKenzie is down four places in the chart in tenth, also with four mandates between January and the close of November. The firm had advised on twice as many deals by the end of November a year ago, but its aggregate deal value is up 86%, notwithstanding, from USD 366m to USD 680m.


* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Engineering & Consulting Deals up 100% in Colombia

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TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA


TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Tech industry gains ground

Transaction volume in Brazil’s tech industry grew 35% in the first 10 months of 2016 compared to the same period last year, according to TTR data (www.TTRecord.com).

The share of deals led by international buyers declined, meanwhile, from 24% to the close of October 2015 to 17% in the corresponding period this year.

The largest transaction YTD in the sector was the USD 1.26bn acquisition of Serviços e Tecnologia de Pagamentos (STP) by CCR.

COLOMBIA: Engineering and consulting deals up 100%

M&A among engineering and consulting firms in Colombia jumped 100% in the first 10 months of 2016 over the same period last year, according to TTR data (www.TTRecord.com).

The number of cross-border deals led by international firms targeting Colombian peers grew from four in the first 10 months of 2015 to six in the same 10-month period this year, meanwhile.

Among the inbound cross-border deals YTD was the USD 18m complete takeover of Laboratorios Contecon Urbar by Switzerland-based SGS Group.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA and Banco BTG Pactual are tied neck and neck by deal volume in TTR’s Latin America financial advisory ranking at the close of October, with 30 deal mandates apiece YTD, the former ahead only by aggregate deal value of USD 16.3bn compared to USD 12.1bn for its top rival. Itaú held a more comfortable lead a year ago when it had advised on 40 transactions to the close of October, compared to BTG Pactual’s 27. Both have seen declines in aggregate value between the corresponding 10-month periods, Itaú down 8% from USD 17.8bn, BTG Pactual also down about 8% from USD 13.1bn. Banco Bradesco BBI follows in third with 26 deals YTD, up from 14 a year ago when it held the same place in the chart. The combined value of Bradesco’s deals grew by nearly 118% from USD 10.7bn to USD 23.3bn, meanwhile, putting it in the lead by aggregate value. Banco Santander gained one position in the ranking to take fourth with 21 transactions, up from fifth a year ago when it had advised on nine deals in the first 10 months of the year. Santander grew its aggregate deal value by 33%, meanwhile from USD 7.7bn to USD 10.3bn between the two periods. BAML jumped from tenth to fifth in the chart, increasing deal volume from seven to 11 and growing the combined value of its transactions from USD 1.4bn to USD 13.2bn. Citigroup, in sixth, also with 11 mandates YTD, was not among the top 10 financial advisors in Latin America a year ago, nor was BNP Paribas, also with 11 deals, ranked seventh. JPMorgan, in eighth, was also absent from the top 10 ranking a year ago, as was Morgan Stanley, in ninth, and Credit Suisse Group, pulling up the rear in tenth.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of October with 22 transactions together worth USD 2.6bn, representing a 27% decline in volume and a 22% increase in aggregate value relative to its 30 mandates on transactions worth a combined USD 2bn in the first 10 months of 2015. Clifford Chance gained six positions in the chart to take second with 13 mandates in the region YTD, more than double its six of a year ago, while the combined value of its deals is up 8% to USD 9bn. Jones Day fell one position in the chart to take third, its deal volume down from 19 a year ago to 13, the combined value of its deals down 76% from USD 2.7bn to USD 654m. White & Case also slipped one position in the ranking, despite adding two transactions to its tally, placing fourth with 12 mandates YTD. The firm’s aggregate value is up 127%, meanwhile, from USD 1.2bn to USD 2.8bn between the two 10-month periods. Linklaters, in fifth, was not among the top 10 law firms advising on M&A in Latin America to the close of October 2015, nor was Clearly Gottlieb Steen & Hamilton, in sixth, Hogan Lovells in seventh or Norton Rose Fulbright, in eighth. Skadden, Arps, Slate, Meagher & Flom fell from fourth to take ninth, it’s deal volume down by three transactions, its aggregate value up 389% from USD 988m to USD 4.8bn. Shearman & Sterling lost one transaction from its tally of a year ago, falling from fifth to tenth to close October 2016 with six deals, the combined value of its transactions up 32% from USD 1.1bn to USD 1.5bn.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)

Banco Bradesco BBI leads TTR’s Brazil financial advisory ranking at the close of October with 26 mandates YTD, nearly double the 14 of a year ago that had put it in third place. Brazil’s leading investment bank has grown the aggregate value of its transactions by 118%, meanwhile, from USD 10.7bn to USD 23.3bn between the two 10-month periods. Banco Itaú BBA fell from its lead a year ago to take second, its deal count down from 35 to 24, the combined value of its deals down 31% from USD 17.2bn to USD 11.9bn. Banco BTG Pactual fell from second to third, meanwhile, despite an increase in deal count form 19 to 22, while its aggregate value slipped 46% from USD 11.8bn to USD 6.4bn. BAML, in fourth, was not among the top 10 investment banks advising in Brazil in the first 10 months of 2015. Vinci Partners fell one position in the chart to take fifth, its tally down by one, its aggregate value up from USD 184m to USD 487m. Cypress Associates, in sixth, was absent from the top 10 ranking a year ago, as was Banco Santander, in seventh. BR Partners is down by two deals and one place in the chart, notwithstanding its 341% increase in aggregate value from USD 347m to USD 1.5bn. Rothschild, in ninth with five deals, fell one position in the chart despite maintaining its deal count and growing aggregate value by 4% from USD 8.1bn to USD 8.5bn. BNP Paribas, in tenth with an equal number of mandates, was not among the leading 10 banks advising on M&A in Brazil at the close of October 2015.Legal Advisory – Year to Date (YTD)


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking at the close of October by volume and value, with 55 mandates, up from 44 a year ago when it ranked second. Brazil’s top M&A firm grew its aggregate deal value by 25% between the two 10-month periods, from USD 10.7bn to USD 21.5bn, meanwhile. Souza, Cescon, Barrieu & Fleisch Advogados jumped from fourth to second in the chart, its deal count up from 37 to 46, the combined value of its transactions down 21% from USD 5.8bn to USD 4.6bn. Machado, Meyer, Sendacz e Opice Advogados ranks third, as it did a year ago, after adding nine transactions to its count of 37 to close October 2016 with 46 advisory mandates too. The third-ranked firm’s aggregate deal value fell 73%, meanwhile, from USD 12.8bn to USD 3.4bn. Pinheiro Neto Advogados lost six deals from its tally of a year ago, falling from its leading position in the chart to place fourth, notwithstanding a 61% increase in aggregate deal value from USD 10.7bn to USD 17.2bn. TozziniFreire Advogados climbed from eighth to fifth, increasing deal count from 24 to 38 and increasing the combined value of its deals from USD 798m to USD 5.9bn. Barbosa, Müssnich, Aragão fell one position to take sixth, its deal count down by 10 from 35 to 25, its aggregate value down 38% from USD 9.3bn to USD 5.8bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh, also with 25 mandates YTD, after not placing among the top 10 M&A firms to the close of October 2015. Demarest Advogados is down one place in the chart to take eighth, its deal count lower by two, its aggregate value up from USD 261m to USD 4.4bn. Lefosse Advogados, in ninth, was absent from the top 10 at the close of October a year ago, while Derraik & Menezes Advogados holds the same tenth ranking, its tally up by one transaction, its aggregate value down 76% from USD 71m to USD 17m.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of October with six mandates, up from four a year ago when it also led the chart. The Spanish bank’s aggregate deal value is up 282%, meanwhile, from USD 869m to USD 3.3bn. Citigroup, in second with four mandates YTD together worth USD 4.5bn, is up from a sole transaction a year ago worth USD 1.2bn when it ranked ninth. Deutsche Bank, in third, did not place among the top 10 investment banks advising in Mexico to the close of October 2015, nor did JPMorgan in fourth, or Morgan Stanley, in fifth. Lazard too was absent from the top 10 a year ago, now in sixth ahead of seventh-ranked Credit Suisse, which also failed to make the chart in the corresponding 10-month period last year. Alfaro, Dávila y Ríos fell from fifth to eighth, despite maintaining the same tally of two, its aggregate value down 73% from USD 2.2bn to USD 575m. RIóN M&A ranks ninth compared to third a year ago, its tally down by one transaction. Goldman Sachs ranks tenth, its sole transaction in Mexico YTD worth USD 2.3bn. Goldman didn’t place among the top 10 a year ago.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of October, as it did a year ago, despite losing two transactions on its total for the first 10 months of 2015 and a 74% dip in aggregate value from USD 13bn to USD 3.4bn. Galicia Abogados is up by one deal and one position in the chart to take second, the combined value of its transactions increasing 61% between the two 10-month periods from USD 2.8bn to USD 4.5bn. Mijares, Angoitia, Cortés y Fuentes slid from second a year ago to third, its tally down from 15 to eight, its aggregate deal value down 23% from USD 2.4bn to USD 1.8bn. White & Case México holds onto the same fourth-place ranking it held a year ago, despite losing one transaction in its tally and a 21% decline in aggregate value from USD 1.2bn to USD 973m. Jones Day México is up one place in the chart after maintaining its deal count of seven between the two 10-month periods, while its aggregate value fell 73% from USD 2.2bn to USD 584m. Ritch, Mueller, Heather y Nicolau, in sixth, was not among the top 10 M&A firms advising in Mexico a year ago, nor was Santamarina y Steta Abogados, in seventh, González Calvillo Abogados in eighth or Von Wobeser y Sierra, in ninth. Basham Ringe y Correa is down by three deals and two positions in the chart to bring up the rear, its aggregate value down 93% from USD 1.4bn to USD 91m.


* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.